My partner and I are buying a ground floor flat in Hockley. My property lawyer has never been on on the mortgage company solicitor panel. Am I still permitted to use my Hockley conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
One must use a conveyancer to complete the formalities when you require a mortgage to purchase your home. They will conduct all the necessary due diligence on the property, ensuring that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in order. One can appoint a Hockley lawyer of your choice. However, where the conveyancing practitioner selected is not a member of the lender approved list further fees will be incurred as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so where your conveyancer has not previously applied for membership they can do so.
All was ready to complete my purchase in Hockley next Monday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Hockley.
Can I use your services to find a Conveyancing solicitor in Hockley even if I’m not purchasing or selling a house, for example if I intend to acquire a shop in Hockley with a mortgage from Platform Home Loans Ltd?
The service is predominantly used to find residential conveyancing solicitors in Hockley but we have listed towards the bottom of this page some Hockley commercial conveyancing firms. You will need to make contact with the firm directly to establish if they are also authorised to represent Platform Home Loans Ltd
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Hockley I like with a park and railway links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Hockley in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I'm remortgaging my existing house to a BTL mortgage with The Mortgage Works and I will use the ballance of the raised equity as a down payment on a second house. The location we are interested in is Hockley. Will your lawyers be able to act for both sets of lenders and tie in the conveyances?
Make use of our comparison tool on this page to check that the conveyancers are on the relevant lender panels. On the basis that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and specify your expectations and needs.
I am a negotiator for a busy estate agent office in Hockley where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Hockley conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a 1 bedroom flat in Hockley, conveyancing having been completed 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Hockley with over 90 years remaining are worth £185,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2083
With just 60 years unexpired the likely cost is going to range between £20,000 and £23,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.